GREENWOOD — A financial advisor from Androscoggin Bank spoke with the Greenwood selectboard August 17 about opening IRA accounts as a retirement option for the population making over five thousand dollars a year. The IRA account costs nothing to administer vs. a 401K which is more costly.
The person getting the IRA account has to pay a $10 custodial fee. The main difference between the 401K and an IRA account is with a 401K account there is a vesting schedule, and there is not vesting schedule with an IRA account. A vesting schedule is an incentive program set up by an employer which, when it is fully “vested,” gives the employee full ownership of certain assets — usually retirement funds or stock options. It is an employer’s way of giving employees a reason to stay with the company.
With the IRA account, the employers can match up to three percent. With the IRA, there is a two-year grace period. Once the money is in the account, has to be there for two years, unlike a 401K.
Also discussed was immunization for health care workers. If you work in health care you will have to prove you received one shot and a second shot is scheduled. You will need a vaccination record. Every year, the health care worker must get a booster. If the health care worker does not comply, the state can pull their license.
Masks are back. The CDC recommends any public facility have the occupants wearing masks. To follow, all public spots will require the public and the employees who work in the given public spot to wear a mask. As long as things are above substantial, masks will be mandated. Public spots includes places such as Town Hall, the Fire Station, town buildings, etc. Because of this, mutual aid group training for the fire department will be postponed for the time being. Masks are only required for indoor issues, not outdoors.
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